Bitcoin: Like Fiat, only cheaper – Lightning with Bitfury still in the fast lane
The Dutch company Bitfury announced the partnership with the payment processor HadePay. Customers of the platform can now process payments in Bitcoin. The whole thing should work as easy as with fiat money – only cheaper.
Bitfury is one of the high-caliber fintech companies and a European company based in Amsterdam. Originally located primarily in the bitcoin mining area, Bitfury now provides solutions for intellectual property decentralization such as music and healthcare for improved quality standards and patient safety. So Bitfury is one of the most active players when it comes to the salon capability of Blockchain & Co.
Bitfury feat. HadePay
Now Bitfury has announced another partnership with the US payment processor HadePay. Together, they want to give dealers in the US, Canada and Europe access to Bitcoin payments through the Lightning Network. As it was said Thursday, March 14, Bitfury merged its browser-based Lightning Network interface with the HadePay platform. Thus, HadePay’s customers are now allowed to accept payments through the Lightning Network, which has improved the “efficiency [of Bitcoin transactions] while reducing their costs”.
“Bitcoin has always been a cost-effective alternative to payments in Fiat, but with this innovation, payments in Bitcoin are as easy to handle as any other concept, paving the way for nationwide adoption in payments.
says Brian Nichols, CEO of HadePay. But that’s not all. HadePay operates a hybrid business model where customers can handle payments on the one hand with fiat money and now also with crypto currencies. This allows users of the platform to switch the received Bitcoin “immediately” into other currencies.
In addition to the 50 US states, their service is also accessible to dealers outside the US. So among other things also compatible with PayPal, Apple Pay and Sqaure. A clever move that Bitfury is doing here: use existing infrastructure including customer base to drive the adoption of Bitcoin and other crypto currencies. In psychology, that would be called a successful nudge. Especially considering that bitcoin payments are cheaper than the competition. This is also the opinion of Pavel Prikhodko, head of
Lightning Network Department at Bitfury:
“By implementing the Lightning Network on the HadePay platform, it will be easier for companies in the US to accept Bitcoin as a form of payment.”
Lightning Network and international understanding
How groundbreaking the technology of the Lightning Network is – the solution to the scaling problem – has already been recognized by some of the biggest names in the finance and technology industries. These include Fidelity Investments, the world’s fifth-largest asset manager, Twitter boss Jack Dorsey, and Reid Hoffman, co-founder of the social network LinkedIn. In an initiative called Lightning Torch (= torch), the eternal Bitcoin fire is carried from one hand to the other, from one FinTech company to the next, and finally, nationwide, in the spirit of international understanding. This gives Bitcoin a worldly equivalent to the spiritual credo of being a global network.